Former UBS Bankers are Teaming up to Launch a Regulated Crypto-BankSep 27, 2018, 8:19PM
Switzerland-based company Seba Crypto AG has secured $104 million in private funding to launch a fully licensed crypto bank.
Swiss financial services company Seba Crypto AG is planning to launch a fully licensed and regulated bank in Switzerland, per a Bloomberg report published September 27. The platform will let customers exchange fiat currencies such as the Dollar and Euro for various cryptocurrencies. The company is notably headed by former employees of UBS Group AG, the largest banking institution in Switzerland. Its chairman, for instance, is Andreas Amschwand, who formerly worked as UBS’s global head of foreign exchange.
Based in Zug, also known as Switzerland’s Crypto Valley, Seba Crypto reportedly managed to secure 100 million Swiss Francs ($104 million) from private and institutional investors. However, the investment is contingent on the company receiving an official banking license from the Swiss authorities, specifically Finma. Seba Crypto confirmed that a dialogue with Finma had already been established earlier this year, and a final application is expected to be submitted next month.
CEO of Seba Guido Buehler explained that the bank will allow customers to hold fiat and cryptocurrency simultaneously, which can then be used to participate in various investment and asset management services. Explaining the unification, he said,
Our vision is when you log in into your online banking, you’d have access to crypto and fiat within one account.
While the company has managed to secure investment from a number of reputable investment sources, it remains to be seen whether or not it will be approved by Finma. A spokesperson for the regulator remained cautious when interviewed by Bloomberg,
We are looking at every application and pursue a neutral approach to business models and technology.
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